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If you run this script and type a Euro sign, you can see that pygame gives its unicode value as 0x80 (An unnamed Unicode 'control' character /sometimes/ rendered with a Euro sign) instead of 0x20AC (Unicode "EURO SIGN").
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== illume, 2008-05-02 16:20:49 -0700

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I don't have a euro sign on my keyboard to test this.
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== jmm0, 2010-12-02 06:31:07 -0800

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I tried the example code on my workstation. 0x20AC (Unicode "EURO SIGN") was printed to the console as expected when I pressed RightAlt + E.